货币政策、资产价格泡沫和金融稳定

次贷危机的爆发使得理论界和决策当局重新思考资产价格泡沫对金融市场稳定造成的极大危害,以及其与货币政策的联系.那么,泡沫的产生是因为宽松的货币政策吗？维护金融稳定是否也应成为货币当局的一个法定目标？目前对这些问题的解读存在诸多争议.本文对这些争议的内容及原因进行了简单的梳理,并指出金融系统和宏观经济同时保持稳定的政策选择.

Monetary Policy,Asset Prices Bubbles and Financial Stability

The outbreak of the sub-prime crisis have made the theorists and decision-makers to rethink the great harm caused by asset prices bubbles to financial market stability, and the relationship with monetary policy. So, was it lax monetary policy that led to the creation of these bubbles？ Was it financial stability a legitimate objective of a central bank？ The current interpretation of these problems leads to great controversy. This paper briefly introduces the contents and reasons of these disputes, and points out the political choices that the financial system and macro-economy while maintaining stability.